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The European Union’s ban on seaborne imports of Russian oil, along with the Group of Seven’s plan to cap prices of oil from Russia early next month won’t guarantee that prices for the commodity will see a lasting rally, or that supplies will tighten further in the days ahead. “In isolation, the sanctions on Russia … Read more
Bank of America Posts an Earnings Beat. It Can Thank Rising Rates.
When Jaime Blaustein was interviewed for his first job at Morgan Stanley in 2012, he was hooked on heroin. Blaustein’s drug use had spiralled throughout his university studies as he moved from drinking alcohol and smoking marijuana to using cocaine, crack cocaine and, eventually, heroin. By the time he graduated, despite five attempts at rehab,…
Credit Suisse tried to assuage fears about its health in a memo to employees and in a round of phone calls to investors and clients over the weekend, according to people familiar with the matter. Credit Suisse shares are down 21% over the last month and spreads on its credit default swaps, a type of insurance against default, rose … Read more
The City’s top Black professionals and rising stars were honoured at a celebration of business talent on 29 September. In an awards ceremony that drew a crowd of nearly 500 at the Leonardo Royal Hotel, St Paul’s, organisers of the ninth annual Black British Business Awards recognised the top professionals who had overcome challenges to reach … Read more
HSBC has trimmed front-line staff from its investment bank in the UK, as a dealmaking slump this year is set to prompt a fresh round of layoffs across the sector. The UK lender, which is in the midst of an ongoing cost-cutting exercise unveiled in February 2020, has axed a handful of roles within its global … Read more
Credit Suisse is set to extend retention bonuses to a select band of senior dealmakers in London in a bid to stem defections as it embarks on a fresh cost-cutting programme. The Swiss bank will pay dealmakers in Europe and the UK additional bonuses in the coming weeks, according to people familiar with the matter, after … Read more
Credit Suisse could split its struggling investment bank into three parts, a move that would involve thousands of job cuts as the Swiss bank reshapes its business. The bank has drawn up plans to split its beleaguered investment banking unit, including creating a so-called ‘bad bank’ to hive off unwanted assets, the Financial Times reported … Read more
New chancellor Kwasi Kwarteng is drawing up plans to ditch the UK banker bonus cap as part of plans for a ‘Big Bang 2.0’ to reinvigorate the City after Brexit. The timing could be better. The British public has barely forgiven bankers for the 2008 financial crisis, and dangling bigger banker bonuses during a cost-of-living crisis … Read more
In a return to pre-pandemic practice of hiving off low-performing staffers from the bank, Goldman Sachs is set for a round of job cuts. The US investment bank is set to axe jobs in plans that could trigger the earliest layoffs as soon as next week, The New York Times reported, according to people familiar with the … Read more